Today, people are living longer, on average, than ever before in history. Because of that, it is important to have enough retirement income to last for the remainder of your life. One of the ways in which Federal employees can save for retirement – in a tax-advantaged manner – is through the Federal Employees Retirement System, or FERS.
THE FERS PROGRAM IS ONE OF THE MOST IMPORTANT BENEFITS THAT IS OFFERED TO FEDERAL EMPLOYEES. SO, HAVING A GOOD UNDERSTANDING OF HOW IT WORKS, AND HOW IT CAN WORK FOR YOU, CAN MAKE A SUBSTANTIAL DIFFERENCE IN THE AMOUNT OF SAVINGS – AND ULTIMATELY, THE AMOUNT OF RETIREMENT INCOME – THAT YOU WILL HAVE AVAILABLE IN THE FUTURE.
FERS provides retirement benefits from three different sources. These include:
- Basic Benefit Plan
- Social Security
- Thrift Savings Plan (TSP)
These three components of FERS work together in order to provide you with a strong financial foundation for your retirement years. Two of the three parts of FERS – Social Security and the TSP – can even remain with you if you leave your federal government job before you retire.
If you are a Federal employee and you were hired in 1984 or later, you are eligible to participate in the FERS program. There are a lot of details that surround this plan, though, so it can be extremely beneficial to discuss your options as they relate to your overall insurance and financial plan with an expert in this area.
Today, people are living longer, on average, than ever before in history. Because of that, it is important to have enough retirement income to last for the remainder of your life. One of the ways in which Federal employees can save for retirement – in a tax-advantaged manner – is through the Federal Employees Retirement System, or FERS.
THE FERS PROGRAM IS ONE OF THE MOST IMPORTANT BENEFITS THAT IS OFFERED TO FEDERAL EMPLOYEES. SO, HAVING A GOOD UNDERSTANDING OF HOW IT WORKS, AND HOW IT CAN WORK FOR YOU, CAN MAKE A SUBSTANTIAL DIFFERENCE IN THE AMOUNT OF SAVINGS – AND ULTIMATELY, THE AMOUNT OF RETIREMENT INCOME – THAT YOU WILL HAVE AVAILABLE IN THE FUTURE.
FERS provides retirement benefits from three different sources. These include:
- Basic Benefit Plan
- Social Security
- Thrift Savings Plan (TSP)
These three components of FERS work together in order to provide you with a strong financial foundation for your retirement years. Two of the three parts of FERS – Social Security and the TSP – can even remain with you if you leave your federal government job before you retire.
If you are a Federal employee and you were hired in 1984 or later, you are eligible to participate in the FERS program. There are a lot of details that surround this plan, though, so it can be extremely beneficial to discuss your options as they relate to your overall insurance and financial plan with an expert in this area.